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Western India Shipyard Limited Key Data Business Operations: BSE Code 531217 Western India Shipyard Ltd

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Western India Shipyard Limited Key Data Business Operations: BSE Code 531217 Western India Shipyard Ltd Brickwork Independent Research As on February 23, 2011 SMALL CAP Western India Shipyard Limited Key Data Business Operations: BSE Code 531217 Western India Shipyard Ltd. (WISL) is primarily engaged in providing BSE ID WESTE Issued Shares 294.64 mn ship and rig repair facilities and industrial services and caters to repair Face Value `2.00 of older vessels, which require periodical dry docking and wet repairs Market Cap. `3.15 bn (US$ 69.42 mn) at Mormugao Harbour, Goa. CMP `10.69 BSE Sensex 18,178 Incurred continuous losses since inception… 52-week High/Low 18.90/9.39 3M Avg Vol (No of Shares) 92,591 Company has been incurring continuous losses since inception in 1996 due to poor utilization of infrastructure, low volume of operations and Valuation Ratios working capital constraints. Net operating income of the company grew by mere 2.50% during the year from 62.89 Cr in FY09 to 64.46 Yr to 31 Mar FY 08 FY09 FY10 ` ` Adj.EPS (`) -3.01 -2.37 -0.01 Cr in FY10. EBIDTA increased from `7.79 Cr in FY09 to `16.82 Cr in EPS Growth (%) N.A 21.29 99.70 FY10. However, company registered net operating loss of `0.21 Cr in PER (x) N.M N.M 4.67 FY10 as against loss of `27.76 Cr in FY09. BVPS -10.92 -12.26 -0.03 PBV (x) N.M N.M N.M High Court Sanctions „Scheme of Arrangement and Dividend/Yield (%) 0.00 0.00 0.00 Compromise‟ with its secured lenders… EV (` bn) 3.81 2.58 4.67 Due to high accumulated losses since inception, WISL, by order of EV/Sales (x) 10.78 4.10 7.25 EV/EBITDA (x) N.M 33.11 27.77 court dated 15.01.2010, adopted scheme of Arrangement and Compromise with its secured creditors with ABG Shipyard Ltd. as a Shareholding Pattern (%) confirming party and reduced its secured liabilities of `228 Cr to SEP ’10 DEC’10 Promoters 2.87 60.15 about `152 Cr. FIIs -- -- MFs 73.51 13.64 ABG Shipyard ups its stake in WISL to 60.26%… Public & Others 23.62 26.21 Post debt restructuring, ABG Shipyard Ltd. acquired 119.5 million shares from ICICI Bank in October 2010, and thereby increased its Stock Chart (Relative to SENSEX) stake in WISL from 19.69% to present 60.26%. By acquiring controlling stake, WISL is now a subsidiary company of ABG Shipyard 200.00 Ltd. 150.00 100.00 Deepak Jain Sameer Singhvi 50.00 [email protected] [email protected] 23-Feb-10 23-Aug-10 23-Feb-11 Analyst Declaration: This report is without a management meet. We, Deepak Jain & Sameer Singhvi, Western Shipyard SENSEX hereby certify that the views expressed in this report accurately reflect our personal views about the subject securities and issuers. We also certify that no part of our compensation was, is, or will be, directly or indirectly, related to the specific view expressed in this report. This report is not a buy/sell/hold recommendation on the stock. WISL BRICKWORK COMPANY OVERVIEW: Background: Directors Name Designation Western India Shipyard Ltd. (WISL) was established in 1992 by setting Cdr. SK Whole Time up ship building and ship breaking facilities and ship repair facilities for Mutreja Director & CEO ocean going vessels. It signed 25 year license agreement with Mormugao Mr. RS Nakra Independent Non Executive Director Port Trust (MPT) in 1993 for about 85,000 Sq. Meters of land and Independent Non breakwater area at Mormugao Harbor, Goa. It also signed foreign Executive Director collaboration agreement with Lisnave S.A. of Portugal for provision of Mr. T Asokraj Independent Non technical assistance and technical documentation through their Mr. Ashwani Executive Director subsidiary, Navelink S.A of Switzerland for the ship repair project at Kumar Independent Non Goa. It was registered as a ‘Ship Repair Unit’ in 1993 with Director Mr. Ashok Executive Director Chitnis General of Shipping, Ministry of Shipping and Surface Transport and government of India by virtue of which the company was entitled to the use of duty free imported and indigenous capital goods, material handling equipment, raw materials, spares and consumables for the project. Due to high accumulated losses since inception, WISL, by order of court dated 15.01.2010, adopted scheme of Arrangement and Compromise with its secured creditors with ABG Shipyard Ltd. as confirming party. Later in October, 2010, by acquiring 60.26% stake, WISL has become subsidiary company of ABG Shipyard Ltd. WISL is headed by Cdr. SK Mutreja who has over 42 years of experience in the Indian Navy and in the shipbuilding, rig repair and ship repair industry in the public and private sectors in India. The board comprises of other four independent non executive directors having diversified industry experience. “WISL is primarily engaged in providing ship and rig Business Operations: repair facilities” WISL is primarily engaged in providing ship and rig repair facilities and industrial services and caters to repair of older vessels, which require periodical dry docking and wet repairs at Mormugao Harbour, Goa. Its services include routine maintenance and repairs, cargo hold/tank/hull blasting and coating, main engine overhauls and tailshaft repairs, cargo gear overhaul and repairs, major conversion and modification, damage repairs, spud can repairs, steel and pipe renewal etc. BRICKWORK INDEPENDENT RESEARCH 1 WISL BRICKWORK It has a floating dry dock, ‘Westerner’ (of 60,000 deadweight capacity “Company has floating dry which can accommodate ship upto 225m in length and 32.5m in breadth), dock of 60,000 Repair oil exploration rigs (upto 60m x 80m platform), 4 wet repair deadweight capacity, 4 wet jetties, portal rail cranes (of 35 ton and 50 ton capacity) and multi- repair jetties, portal rail purpose shops. As of March 31, 2010, WISL had repaired over 475 vessels cranes and multi-purpose of all types and 9 deep water oil rigs at its facilities and completed shops.” dredging of the dock pit area for taking on larger vessels. Industry Outlook… Ship repair industry in India is highly regulated by the Central Government through the D.G Shipping with regard to trade, operational : safety, etc. Various measures taken by the central government for “Grant of various sustained growth of ship repair industry are as under. concessions and Grant of various concessions and exemptions for developing India’s exemptions for developing ship repair capacity in view of the huge potentialities of the ship India‟s ship repair repair sector. Draft Maritime Policy of central government highlights the policy capacity.” initiatives such as dry docking policy to encourage modernization and mechanization for repairs of most of the vessels at Indian Ports, dry docks to be given EOU (Export Oriented Units) status, 100% FDI in ship repair and ship building, long term subsidy for constructions of all kind of vessels (20-30 years), creation of ship repair units adjacent to the ports to repair/dry dock large vessels, etc. The policy also highlights proposed financial and fiscal initiatives “NMDP of the central such as taxation of ship building and ship repair units including government released in customs and central excise duty to be brought on par with EOU 2005 identified 228 units, ship repair and ship building to be kept out of the ambit of projects to be service tax, sales tax and VAT, investments to be made eligible for tax implemented in India‟s exemption for long period (20Years), creation of separate funding major ports over the next agency for ship building & ship repair activities, etc. 10 years involving `6110 The national Maritime Development Program (NMDP) of the central government released in 2005 identified 228 projects to be billion.” implemented in India’s major ports over the next 10 years involving `6110 billion. As per NMDP projections, total cargo traffic at the Indian ports is expected to grow at a CAGR of 13.58% up to FY12. BRICKWORK INDEPENDENT RESEARCH 2 WISL BRICKWORK According to the planning commission, the strength of India’s shipping fleet will increase upto 15m GRT by the end of FY11. The ministry intends to double capacity at major and non-major ports “Shipping industry in the country to 1,590 mt by 2012 from the present 795 mt through handles 95% by volume private sector participation which will lead to higher port traffic, ship repair volumes and increased earnings for the companies in the sector. and 70% by value of India‟s International Shipping industry handles 95% by volume and 70% by value of India’s trade.” International trade. However, the shipping market is highly cyclical in nature and is closely tied to the level of economic activity in the country. Thus, high growth rate in GDP, increase in economic activity and trade and commerce along with measures taken by the government helps for the sustained growth and development of the ship repair industry. Industry Competitiveness: “Shipping market is closely The five forces model helps to determine the competitive intensity and tied to the level of therefore the industry attractiveness. The existence of many players, economic activity in the highly cyclical and capital intensive nature and unpredictable cash flows country.” makes the industry less attractive. The ship repair industry framework has been analyzed on the basis of buyer and supplier bargaining power, threat of new entrants, threat of substitutes that determines the degree of rivalry among existing players. Supplier Power: Less Threat of New Entrants: Less •Highly regulated • Duty free import •Cyclical & Capital Intensive in • Intense global competition nature “The existence of many players, highly cyclical and Degree Of Rivalry: High capital intensive nature • Existence of many players • Price based competition.
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